HALLE (SAALE), Germany, 28 November 2019 – Vivoryon Therapeutics AG (Euronext Amsterdam: VVY; ISIN: DE0007921835), announced today its third quarter business update for the period ending September 30, 2019. The third quarter 2019 report is available for download on the Company website (https://www.vivoryon.com/investors-news/financial-information).
KEY HIGHLIGHTS
Vivoryon Therapeutics entered into an exclusive Option Agreement with MorphoSys on small molecule inhibitors of QPCTL, silencing the CD47-SIRP alpha signaling in immuno-oncology
POST PERIOD HIGHLIGHTS
Vivoryon Therapeutics successfully raised capital of approximately EUR 43 million via a rights offering
CORPORATE REVIEW
Financial Review (According to IFRS)
In the third quarter of 2019, research and development expenses amounted to EUR 1,196k and increased compared to the third quarter of 2018 (EUR 939k). General and administrative expenses increased to EUR 768k (Q3 2018: EUR 689k). The Company did not generate any revenue in the reporting period, in line with corporate planning. Therefore, the net loss of the period was EUR 1,935k, compared to EUR 1,659k in the third quarter of 2018.
All results are in line with management expectations.
Vivoryon Therapeutics held EUR 5.1 million in cash and cash equivalents as of September 30, 2019.
OPERATIONAL REVIEW
MorphoSys entered into an Agreement on Small Molecule Inhibitors of CD47-SIRP alpha Signaling in Immuno-Oncology
The Company announced that it entered into an agreement with MorphoSys AG under the terms of which MorphoSys has obtained an exclusive option to license Vivoryon’s small molecule QPCTL inhibitors in the field of oncology.
The option covers worldwide development and commercialization for cancer of Vivoryon’s family of inhibitors of the glutaminyl-peptide cyclotransferase-like (QPCTL) protein, including its lead compound PQ912.
POST PERIOD HIGHLIGHTS
Successful capital raise of EUR 43 million
The Company successfully raised capital of approximately EUR 43 million via a rights offering to existing shareholders and a private placement to selected qualified investors in Europe. Vivoryon Therapeutics issued a total number of 7,674,106 new ordinary bearer shares. The proceeds from the Offering will be used to finance the European Phase 2b clinical study with the Company’s lead product PQ912 for Alzheimer’s Disease, in particular for manufacturing the molecule PQ912, and bringing it through to Phase 2b results in 2022.